5. What are the equilibrium effects of an increase in total factor productivity in the closed- economy one-period macroeconomic model? Select all that apply. a. Employment may increase or decrease. b. Decrease in aggregate output. c. Increase in output. d. Decrease in leisure consumption. e. Increase in the real wage. f. Increase in consumption.

5. What are the equilibrium effects of an increase in total factor productivity in the closed- economy one-period macroeconomic model? Select all that apply. a. Employment may increase or decrease. b. Decrease in aggregate output. c. Increase in output. d. Decrease in leisure consumption. e. Increase in the real wage. f. Increase in consumption.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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